Your parent may have lived their entire life without a disability only to develop one or more serious physical or cognitive impairments in their senior years.
Depending on the impairment’s severity, they may be eligible for the disability tax credit, which can reduce their income tax burden.
The impairments covered by the credit fall under the categories of walking, speaking, hearing, vision, dressing, feeding, eliminating, mental functions and life-sustaining therapy. To be eligible, an individual must have a “severe and prolonged impairment” in one category or “significant limitations” in two or more categories. For example, someone might receive the credit if they need help dressing due to rheumatoid arthritis and they have considerable hearing loss.
If you believe your parent may be eligible, you must submit the Disability Tax Credit Certificate to the Canada Revenue Agency (CRA), with the application certified by either a medical doctor or a specialist in the field of the individual’s impairment.
This material was prepared for and published on behalf of your financial advisor and is intended only for clients resident in the jurisdiction(s) where their representative is registered.
This material is provided solely for informational and educational purposes and is not to be construed as an offer or solicitation for the sale or purchase of any securities or as providing
individual investment, tax or legal advice. Consult your professional advisor(s) prior to acting on the basis of this material. Insurance products are available through advisors registered with
applicable insurance regulators. Individual equities are available only through representatives of Assante Capital Management Ltd. In considering any particular investment, please remember
that past performance is no guarantee of future performance. Although this material has been compiled from sources believed to be reliable, we cannot guarantee its accuracy or completeness.
All opinions expressed and data provided herein are subject to change without notice. Neither CI Assante Wealth Management or its dealer subsidiaries Assante Capital Management Ltd. and
Assante Financial Management Ltd., nor their affiliates or their respective officers, directors, employees or advisors are responsible in any way for any damages or losses of any kind whatsoever
in respect of the use of this material. CI Assante Wealth Management is a registered business name of Assante Wealth Management (Canada) Ltd. Assante Capital Management Ltd. is a member of
the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Assante Financial Management Ltd. is a member of the Mutual Fund Dealers Association
of Canada and the MFDA Investor Protection Corporation (excluding Quebec). © 2022 CI Assante Wealth Management. All rights reserved.